Brief: GetBack Presents Updated Arrangement Proposals With Creditors

Capitea SA

24/07/2018 12:34

July 24 (Reuters) - GetBack SA w restrukturyzacji  GBK.WA :
    * PRESENTS ITS UPDATED RESTRUCTURING ARRANGEMENT PROPOSALS
    * CREDITORS WOULD BE DIVIDED INTO EIGHT GROUPS AND
LIABILITIES
WOULD BE PAID IN INSTALLMENTS
    * PROPOSES TO PAY BACK 27 PERCENT OF ITS MAIN LIABILITY FOR
CREDITORS FROM GROUPS 1, 2 AND 7
    * ACCORDING TO THE PROPOSAL, THE MAIN LIABILITY FOR
CREDITORS FROM
GROUPS 3, 4 AND 8 WOULD BE PAID BACK IN 10 PERCENT
    * FOR CREDITORS FROM GROUPS 5 AND 6 IT WOULD BE PAID IN 43
PERCENT
AND 20 PERCENT RESPECTIVELY
    * PROPOSES TO CONVERT REMAINING LIABILITIES OF CREDITORS
FROM
GROUPS 1, 5, 6 INTO COMPANY NEW SHARES
    * AS RESULT OF CONVERSION, IT WOULD RAISE CAPITAL BY NO LESS
THAN
1.40 BILLION ZLOTYS AND NO MORE THAN 2.0 BILLION ZLOTYS
    * ISSUE PRICE OF NEW SHARES WOULD BE 0.05 ZLOTY PER SHARE
    * SAYS THAT THE PROPOSALS REFLECT CURRENT SITUATION OF THE
COMPANY
AND AS IT IS STILL WORKING ON RESTRUCTURING OF FUNDS AND
REVISION OF STRATEGIC OPTIONS, IT WILL AIM TO INCREASE THE LEVEL
OF REPAID DEBT FROM 27% TO UP TO 43% FOR CREDITORS FROM GROUPS
1, 2 AND 7
    * SAYS VALUE OF BALANCE SHEET LIABILITIES OF GETBACK CAPITAL
GROUP
AT ABOUT 3.35 BILLION ZLOTYS AS AT MAY 8
    * IN MAY CO SAID THAT FIRST GROUP OF CREDITORS, THE
BONDHOLDERS,
WOULD BE PAID IN 65.36%, REMAINING 34.64% OF DEBT WOULD BE
CONVERTED INTO NEWLY ISSUED SHARES  urn:newsml:reuters.com:*:nL8N1SE4JE

Source text for Eikon:  ID:nEM8n9qvBa 
Further company coverage:  GBK.WA 

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